articles | 13 January 2014

Cyprus Airways scheduled to start talks with investor

State carrier Cyprus Airways will begin the process of negotiations with strategic investors early in February, says President of the Board of the airline.

Meantime, the Council of Ministers is scheduled to convene later in January to decide the composition of the committee, which will conduct the final negotiations between the Company and the strategic investor. CY board President Tony Antoniou was speaking during a press conference to announce an agreement with Cyprus' top tour operators, Top Kinisis Travel Public Ltd and Xenos Travel by Royal Holidays, for 64 charter flights in 2014 to Greece and Europe with airplanes of Cyprus Airways. “We are in search for a good partner who will come with his own terms to see if these can be met by Cyprus Airways and the Republic of Cyprus,” he said, pointing out that Cyprus' national carrier offers to a potential strategic investor benefits such as the fact that it is a European airline, it enjoys a good reputation and employs first class pilots and flight crew.

He did not disclose the names of the investors interested in Cyprus Airways, but stressed however that these are serious organizations. Antoniou said that the financial results for 2013, which will be announced late in January show that the Company did well last year. Asked about the sale of one of the two slots held by the company at London Heathrow Airport, Antoniou said this was a decision taken by the government while it is also a provision included in the EU draft plan for the reorganization of Cyprus Airways.

Source: Famagusta Gazette

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